(Bloomberg) — Gold ( GC=F ) slipped as haven demand was dented by signs that President Donald Trump may be easing his aggressive stance on trade with the European Union.

Bullion traded near $3,335 an ounce, after climbing by almost 5% last week, as Trump on Sunday announced that his plans to hit the EU with 50% tariffs would be delayed until July 9 to allow for time for both sides to negotiate a deal. The US leader on Friday had threatened higher-than-expected levies against the bloc, while also warning Apple Inc ( AAPL ). that it would be subject to 25% tariffs if it does not manufacture its iPhones in the US.

The trade war unleashed by the new US administration has helped push gold up by more than a quarter this year, with prices trading about $165 below an all-time-high set last month.

While a softer stance on trade would weaken haven demand, gold’s appeal has strengthened amid growing concerns about the fiscal position of the US government after Moody’s Ratings stripped the US of its top credit rating. Investors are concerned that Trump’s signature tax bill — which last week passed the House and now goes to the Senate — will further swell the deficit.

Looking ahead, traders will be digesting an array of economic metrics due this week — such as sales of durable goods and homes, and measures of consumer sentiment. US markets will be closed Monday due to the Memorial Day holiday.

Spot gold was down 0.6% to $3,335.89 an ounce as of 9:35 a.m. in London. The Bloomberg Dollar Spot Index was down 0.1%. Silver was steady, while platinum and palladium declined.

Platinum advanced 11% last week — reaching its highest price in two years on Friday — amid concerns about a supply deficit and renewed jewelry demand in China adding to tightness.

—With assistance from William Clowes.